NuVasive (NUVA) Tops Q3 EPS by 4c, Miss on Revenues; Lowers FY17 EPS/Revenue Guidance Below Consensus

NuVasive (NASDAQ: NUVA) reported Q3 EPS of $0.52, $0.04 better than the analyst estimate of $0.48. Revenue for the quarter came in at $247.4 million versus the consensus estimate of $255.36 million.

Guidance

• Revenue of approximately $1,030.0 million for 2017, which now includes approximately $2 million in year-over-year currency headwinds, and reflects 7.1% growth on a reported basis and 7.2% growth on a constant currency basis compared to revenue of $962.0 million for 2016; versus a prior expectation of $1,065.0 million for 2017;
• Non-GAAP diluted earnings per share of approximately $1.91, compared with the prior expectation of $2.00, compared to non-GAAP diluted earnings per share of $1.66 for 2016;
• Non-GAAP operating profit margin of approximately 16.6%, compared with the prior expectation of 17.1%, compared to non-GAAP diluted operating profit margin of 16.1% for 2016;
• Adjusted EBITDA margin of approximately 25.9% for 2017; compared with the prior expectation of approximately 26.7% for 2017, compared to 25.2% for 2016; and
• Non-GAAP effective tax expense rate of approximately 34%; slight improvement from prior expectation of approximately 35% for 2017.

GUIDANCE:

NuVasive sees FY2017 EPS of $1.91, versus the consensus of $1.99. NuVasive sees FY2017 revenue of $1.03 billion, versus the consensus of $1.06 billion.

Third Quarter 2017 Highlights

• Revenue increased 3.2% to $247.4 million, or 3.4% on a constant currency basis
• GAAP operating profit margin of 12.4%; Non-GAAP operating profit margin of 17.6%, up 150 basis points from prior year
• GAAP diluted earnings per share of $0.64; Non-GAAP diluted earnings per share up 30% from prior year to $0.52
• Company updates full year 2017 guidance

For earnings history and earnings-related data on NuVasive (NUVA) click here.

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